A narrow descending channel pattern has guided the British Pound lower against the Japanese Yen since last week’s trading sessions.
The exchange rate is currently testing a support cluster formed by the combination of the weekly and the monthly pivot points at 140.23.
If this support cluster holds, a breakout through the upper boundary of the narrow descending channel pattern might occur within this session.
However, if the currency exchange rate passes the monthly and weekly PPs as mentioned earlier, a decline towards the 136.00 mark could be expected in the short-term.
